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Tipalti

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Tipalti
Company typeInternational Money Transfer, Accounts Payable
Founded2010
HeadquartersSan Mateo, CA United States
Key people
Chen Amit, (CEO/Co-Founder), Oren Zeev, (Chairman/Co-Founder), Dovi Frances, (Board Member), Carl Pascarella, (Board Member)
Websitetipalti.com

Tipalti is an accounting software financial technology business.[1][2] that provides consolidated accounts payable[3] and remittance services for businesses needing to pay their suppliers.[4] Tipalti is headquartered in San Mateo, CA[5] with R&D offices in Herzliya, Israel.[6]

History

Tipalti was founded in 2010 by venture capitalist Oren Zeev and Chen Amit with approximately $3 million in funding from private investors and launched its product in 2012[7][8][9][10]

In 2014, the company released a Supplier Portal component to enable Accounts Payable departments automate payments to suppliers, vendors, and independent contractors.[11][12] In October 2014, the company raised an additional $13 million from venture capital investors led by Wicklow Capital with participation from SGVC.[13][14][15]

On October 2014, Tipalti's CEO Chen Amit stated that the company was processing payments to approximately 300,000 payees and between $1 billion to $1.5 billion annually in payments.[6][16]

In 2015, Tipalti integrated an intelligent Form W-8 collection solution into its SaaS-based platform.[17]

In 2016, Tipalti released the addition of an invoice management solution to their AP automation technology. The company also expanded tax compliance support for suppliers in Argentina and Brazil.[18] On September 14, 2016, the company announced an additional $14 million round of funding led by Dovi Frances and SGVC.[19]

The company is a licensed money transmitter in several states including California[20] , New York, and Texas.[21]

In July 2017, the company stated in their latest press release that they support approximately 1,500,000 payees and process $2.75 billion annually in payments. According to their website and press release, customers include Amazon, Twitter, GoDaddy, Roku, Google, Nikon, Seeking Alpha, Zumba, Indeed, and Houzz.

In February 2018, the company announced support for purchase order matching as part of its invoice processing functionality.[22] Also in February, the company announced it raised $30 million in its Series C round. As part of the announcement, it updated its numbers to include $4 billion in payments processed to 1,800,000 payees.[23]

References

  1. ^ Boitnott, John (June 19, 2015). "8 Ways Financial Technology Will Evolve in 2016". Inc.com.
  2. ^ Marquit, Miranda (May 20, 2015). "30 Hot Fintech Startups You Should Be Watching". AllBusiness.com.
  3. ^ Macinas, Melanie. "Tipalti Rolls Out New Supplier Payment System". Payment Week. Retrieved 19 January 2016.
  4. ^ O'BANNON, ISAAC M. "New Form W-8 Solution Integrated Into Global Payments Platform". CPA Practice Advisor. Retrieved 19 January 2016.
  5. ^ Calvey, Mark (Dec 17, 2014). "Payments startup Tipalti moves HQ to Palo Alto from Southern California". Bizjournals.com.
  6. ^ a b Levine, Barry (October 22, 2014). "Tipalti lands $13M to become a bigger international payment platform". VentureBeat.com.
  7. ^ Carney, Michael (August 3, 2012). "Tipalti Dramatically Simplifies Worldwide Payment for Mass-Payers". PandoDaily.
  8. ^ Rao, Leena (December 11, 2013). "Tipalti Streamlines Mass, Global Payments For Ad Networks, Publishers, Affiliates And More". TechCrunch.com.
  9. ^ Cohen, Peter (October 2, 2012). "Tipalti Simplifies Global Payment Complexity". Forbes.
  10. ^ Huhman, Heather (November 5, 2013). "Startup Tipalti Introduces Tools to Tackle Global Mass Payments". Business Insider.
  11. ^ Macinas, Melanie (August 24, 2014). "Tipalti Rolls Out New Supplier Payment System". Payment Week.
  12. ^ "Tipalti Launches an Automated Supplier Payment System". Supply & Demand Chain Executive.
  13. ^ "Tipalti Lassos In $13 Million In Series B Funding". PYMNTS.com. Retrieved 15 December 2015.
  14. ^ "Capital Gains: Ello Gets $5.5 Million, Mitel's $540 Million Offer for ShoreTel and More". Re/code. Retrieved 15 December 2015.
  15. ^ "Cloud Payouts Management Tipalti Raises $13 Million to Expand Services". Jewish Business News. Retrieved 15 December 2015.
  16. ^ "Tipalti Adds Tax Documents to Payments Tech". PaymentsSource. Retrieved 15 December 2015.
  17. ^ "Tipalti Adds W-8 Solution to Global Payments Platform". Accounting Technology. Retrieved 15 December 2015.
  18. ^ "Cross-Border, The Tax ID Cometh | PYMNTS.com". www.pymnts.com. Retrieved 2016-09-08.
  19. ^ "Term Sheet — Wednesday, September 14". Fortune. 2016-09-14. Retrieved 2016-09-14.
  20. ^ "Directory of Money Transmitters". Department of Business Oversight, State of California.
  21. ^ "Money Services Business Entities". Department of Banking, State of Texas.
  22. ^ "An example of just how far behind enterprise is… Tipalti introduces (BOOM!) PO matching". Diversity Limited.
  23. ^ "Series C - Tipalti - 2018-02-03 | Crunchbase". Crunchbase. Retrieved 2018-02-13.
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